Paris has ramped up anti-money-laundering inspections of Binance and “dozens of” other cryptocurrency trading platforms as French regulators press for a bigger role in policing Europe’s crypto industry under the new MiCA regime.
According to a Bloomberg report, the French Prudential Supervision and Resolution Authority (ACPR) began confidential on-site control checks late last year to assess exchanges’ AML and counter-terrorist financing controls.
The inspections, described to Bloomberg by people familiar with the matter, focus on whether firms are meeting European and national compliance standards before they receive wider EU authorization.
French authorities reportedly asked Binance in particular to strengthen its risk and compliance systems following earlier reviews. Companies subject to ACPR findings are typically given time to remedy deficiencies, often by hiring staff or upgrading IT and surveillance systems, rather than facing immediate sanctions.
The intensified scrutiny comes as France has signalled it may block “passporting” — the practice that allows a crypto firm licensed in one EU state to operate across the bloc, unless oversight of large players is harmonised.
Paris and other national watchdogs want stronger centralised enforcement to prevent firms from exploiting lighter regimes in certain member states.
Market participants said the checks are part of broader efforts to ensure that exchanges seeking MiCA authorisation satisfy AML/CFT expectations. Firms that fail to address shortcomings could face reputational damage, tougher supervisory terms, or obstacles to obtaining an EU-wide licence.
Regulators and industry observers say the outcome could reshape how major exchanges operate in Europe, prompting heavier compliance investment and potentially reducing regulatory arbitrage. But divergent national approaches also risk fragmenting the single market unless EU-level coordination strengthens under MiCA.